Business Savings Account
Grow Your Business Reserves with Confidence
Our Business Savings Account helps you set funds aside while earning competitive interest—ideal for managing cash flow, planning for future growth, or preparing for the unexpected. Backed by local service and trusted expertise, saving with First National Bank of Bastrop means your business is always building toward something greater.
- $50 minimum balance to open
- Interest will be compounded every day. Interest will be credited to your account every month.
- Excess Withdrawal Fee: An excess withdrawal fee of $1.00 will be charged for each debit transaction (withdrawal, automatic transfer or payment out of this account) in excess of nine during a calendar quarter.
| Minimum Daily Balance (per calendar quarter) | |
|---|---|
| $25.00 and above | No charge |
| below $25.00 | $1.00 |
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What Do I Need to Open A Business Account?
There is specific information we are required to collect on a business—Sole proprietorship, Partnership, Limited Liability Company or Corporation and other non-natural person entity, such as an association or trust.
- Name
- Address or place of business
- Employer identification number (EIN)*
*FNB will not be able to open the account if the business is awaiting the issuance of its EIN.
Business Type Required Documents Assumed Name Assumed Name Certificate Limited Liability Company Certificate of Formation (Series LLC must include Article 4) Corporation - Certificate of Formation
- By-Laws/Minutes
Non-Profit Corporation / Professional Corporation - Certificate of Formation
- By-Laws/Minutes
Unincorporated Association By-Laws/Minutes Trust - Trust Agreement
- Approved by Branch Manager
- Certification of Trust (In House Document)
General Partnership Assumed Name Certificate (County) Limited Partnership Certificate of Formation Limited Liability Partnership - Registration of Limited Liability Partnership(SOS)
- Assumed Name Certificate for underlying GP (County)
Limited Liability Limited Partnership - Registration of Limited Liability Partnership(SOS)
- Assumed Name Certificate for underlying LP (SOS)
Estate - Death Certificate
- Letters of Testamentary/Administration
Campaign Account - Campaign Finance Report (TX Ethics Commission) OR
- Appointment of Campaign Treasurer (County)
Public Funds - Certificate of Formation (if Incorporated)
- Letter of Authorization/Minutes
IOLTA - Req Docs Depend on the Law Firms Business Entity Type
- IOLTA Notice to Financial Institution Form
BENEFICIAL OWNERSHIP
Effective May 11, 2018, all banks will be subject to a new rule under the Bank Secrecy Act intended to assist the government and law enforcement in the ongoing fight against money laundering and the financing of terrorism. When an account is opened on behalf of a business, or covered legal entity such as a corporation, a limited liability company, a general or limited partnership, or a business trust, we will be required to ask you for certain identifying information of the “beneficial owners” of the business, regardless of whether or not the beneficial owners are owners or signers of the account.
What does this mean for you and your business? Each time an account is opened, whether it be a new deposit account or a new loan, the bank will be required to ask you for identifying information on account owners as well as identification documentation for the beneficial owners of the business. The rule defines a beneficial owner as:
- EACH individual that has 25% or more of the equity interest in the business; and
- ONE individual that has the authority to exercise control of the legal entity (such as a CEO, executive officer, or treasurer)
What type of identifying information will be requested? You will be required to provide the following documentation and to certify that this information is true and accurate to the best of your knowledge:
- Name
- Address
- Date of Birth
- Social Security Number
- Proof of Identity (for example, a copy of the individual’s Driver’s License or Passport)
If your business has Beneficial Owners as described above who are not currently account owners, we recommend that you obtain this information and keep it current and available to present each time you come in to establish a new account or update an existing account.
If you have any questions please feel free to contact us.